The centerpiece of the Town & Country Real Estate summer of 2018 included a soiree to celebrate the opening of our new Greenport office. Located at 120 Front Street, Greenport, the waterfront space is right in the middle of the action in this hot North Fork enclave.

“Greenport is such an ideal place for an office because of the foot traffic,” said Town & Country founder and CEO Judi Desiderio. “And who knows more about great locations than real estate agents."

Agents from Hamptons and North Fork Offices came together for the evening to toast each other's big deals and to meet and greet a host of new agents. A special moment for Judi Desiderio and her partners, Nancy McGann and Janet Hummel, was when agent Charles Sanders presented her with a flag from his time serving in the United States Army in Guantanamo Bay, Cuba.

Help our community by participating in Paws on Parade proudly sponsored by Town & Country Real Estate. Create a fundraising team and walk with us on October 7th. Help us reach our goal. Join us!

Register today! Here's the rundown: Participants have the option of registering as an individual, starting their own Team as a Team Captain, or joining an existing Team. You will gain access to all of the tips and tools you’ll need to spread the word and reach your personal fundraising goal!

Create and personalize your own fundraising web page, then collect pledges from friends and family directly through the site. It’s that simple!

PAWS ON PARADE

Paws on Parade is a fun-filled family celebration with the pets in our lives. Participants will stroll from the Rogers Mansion to the Bathing Corporation beach, a twenty-three-minute walk one way. St. John’s Church will host its “Blessing of the Animals” and be a water station. Limited return transportation from the beach will be provided courtesy of Town & Country Real Estate. Explore family-friendly activities on the Southampton Historical Museum grounds including contests, an agility course, auctions, photo ops with Bay Street’s Frankenstein Follies Halloween cast in character, face painting and much more! A light breakfast will be sponsored by Town & Country Real Estate. Come PAW’TY all morning to help us reach our goals in supporting the animals of the Southampton Animal Shelter and restoration programs at the Southampton Historical Museum. No rain date.

TIES & TAILS

Ties & Tails is a cocktail party with a Jazz Era theme. The benefit takes place at the 20-room, Rogers Mansion with furnishings and music from the 1920s and 30s. Guests will enjoy an open bar with hors d’oeuvres in the period rooms of the mansion developed during Southampton’s Gilded Age. The Mansion is managed by the Southampton Historical Museum. Proceeds from the event will be shared with the Southampton Animal Shelter, Southampton Village Fire Department, Southampton Village Ambulatory Corps and SYS’s Stages Children Theatre Group. Tickets to Ties & Tails include 2 tickets to Paws on Parade.

The 2nd Quarter of 2017 was clearly the 3 months that the high end made a recovery rebound. The blue chips of Southampton Village, East Hampton Village and Bridgehampton (which includes Water Mill and Sagaponack) all came roaring back from the tepid 2016.

All Hamptons Markets Combined for the 2nd Quarter of 2017 saw 4 closings over $20M, where there were none in 2016 same period. Two from Southampton:

328 Gin Lane – $31,000,000

1510 Meadow Lane – $24,600,000

One from East Hampton and Water Mill each:

32 Middle Lane, East Hampton – $25,000,000

1285 Flying Point Road, Water Mill – $20,500,000

In the $10-$19,99M price range 10 homes sold in 2017 compared to 4 in 2016, a 150% jump. And 6 of the 10 closed were from the Bridgehampton, Water Mill and Sagaponack region.

Seven of the 12 markets monitored by TOWN & COUNTRY saw increases in all 3 criteria – Number of Home Sales, Total Home Sales Volume and Median Home Sales Price.

The 2nd Quarter wasn’t all rosy for certain markets. Two popular niche markets, Montauk and Shelter Island,each experienced significant pull back in all 3 criteria. In fact, statistically, the greatest declines of all of the 12 hamlets both experienced solid red across the board.

In all, the 2nd Quarter of 2017 shows just how unique each of our Hamptons markets are and how they each move independent of one another.

Maybe I’m the eternal optimist or maybe I’ve just been doing this too long – HA!

Either way, I believe it is important to address the grim snapshot of the state of Hamptons Real Estate as described by some of my contemporaries, all for whom I have tremendous respect.

I have been reporting on East End Home Sales for 25 of the 35 years of my real estate career. During my tenure, I have seen two crashes, a few recessionary markets, and several bull markets. As they say, “The only thing constant, is change.” And change it does.

For the most part, the homes we sell are vacation homes – which frankly, are luxury items to the buyer – few are primary residences. These buyers don’t have to have what we are selling, as they can always opt to rent. The majority of our buyers work in some area of the financial markets: stocks, bonds, hedge funds, banking, etc. These particular buyers, for the most part, buy at the top end of our markets.

Definitely, there has been a strenuous pull back on the high end over the past 12-18 months due to various factors. But as with all cycles, this one, too, will come to an end, and a shift from a buyers’ market to a seller’s market will take place. We are already experiencing an uptick in showings, contracts and sales. The stock market is strong, bank stocks have rallied due to dividends, the Federal Reserve has shown confidence in our overall economy, and lending regulations are easing. All are indicative of a strong selling season.

On the high end, price adjustments are yielding some incredible bargains. There are several examples where you couldn’t buy the land, build the house, landscape, and accessorize, and pay less than the asking. So, for those value-driven buyers, the time to pounce is now.

As for the mid markets, all eight Town & Country Real Estate offices have experienced heightened sales activity. Last week, there were 82 closings on the East End and $135 million changed hands. That is a respectable statistic!

While our markets may have faced some headwinds such as the presidential election, geopolitical concerns, heightened emotions, there is change in the air. After all, the only thing constant is change.

This Letter to the Editor originally appeared in the July 6, 2017 edition of the East Hampton Star.

]]>http://blog.townandcountryhamptons.com/2017/07/12/hamptons-real-estate-a-glass-half-full/feed/0NEW HOME SALES IN THE U.S. HIT 9 YEAR HIGHhttp://blog.townandcountryhamptons.com/2016/08/24/new-home-sales-hit-9-year-high/
http://blog.townandcountryhamptons.com/2016/08/24/new-home-sales-hit-9-year-high/#commentsWed, 24 Aug 2016 16:09:58 +0000Judi Desideriohttp://blog.townandcountryhamptons.com/?p=6953Newly built single family residences across the country jumped 12.4% according to the just released U.S. New Home Sales Report. July 2016 was the best month-to-month increase since October 2007. Year-to-year the July increase was a whopping 31.3%! This puts new home sales levels back to levels equivalent with levels prior to the Great Recession, but below all-time highs reached in 2005.

According to the US Commerce Department, the seasonally adjusted annual rate of 654,000 newly built homes traded hands. In fact, the total amount of new homes sold in the U.S. for the first half of 2016 was up over 12% compared to the same period in 2015. Economists believe historically low interest rates and strong job markets are the main contributing factors.

Additionally, many young home buyers have been sitting on the sidelines for several years and are just now beginning to realize the importance of homeownership.

New homes create jobs. Not only by the construction of the home but there are jobs created with ancillary services such as landscaping, decorating, etc. All of these jobs markets see significant increases when home sales increase.

Finally, the National Association of Realtors collaborated on the strengthening home sale markets with June’s report on previously owned homes, which hit a 10 year high. Real estate has been the beacon!

]]>http://blog.townandcountryhamptons.com/2016/08/24/new-home-sales-hit-9-year-high/feed/0MIXED SIGNALShttp://blog.townandcountryhamptons.com/2016/08/11/mixed-signals/
http://blog.townandcountryhamptons.com/2016/08/11/mixed-signals/#commentsThu, 11 Aug 2016 16:59:39 +0000Judi Desideriohttp://blog.townandcountryhamptons.com/?p=6931Second quarter 2016 statistics have been released and they are not sending clear signals by any means.

Homeownership rates are the lowest since the Census Bureau began tracking quarterly statistics in 1965 – now at 62.9%. Economists estimate 200,000 to 300,000 fewer US households are purchasing new homes annually, than during normal market conditions. The true American Dream of home ownership is in flux.

Personal wealth has always been driven for most by their homes. Retirement, tuition, vacations, and much more usually financed via home equity. Is there an entire generation of permanent renters out there? I hope not, for their sake.

First time home buyers are a critical piece of the puzzle and the government must support this vital future growth. Mortgage qualifications are a big part of today’s issues. Keep in mind, home sales create jobs and employ ancillary services from painting to landscaping. It was home sales and the economic boost it provided that pulled us out of the worst economic downturn since the Great Depression.

Southold (which includes New Suffolk and Peconic) had the greatest up-tick in the Number of Home Sales at 25% —from 28 in 2015 to 35 in 2016 (same three months), yet experienced drops in the Total Home Sales Volume and Median Home Sales Price of 14% and 6% respectively.

Jamesport (which includes Aquebogue, Baiting Hollow and South Jamesport) logged an 18% increase in the Number of Home Sales and a 20% jump in Total Home Sales Volume.

Mattituck (which includes Laurel and Cutchogue) and Orient (which includes East Marion and Greenport) each had one less home sale during the 2nd Quarter, year over year.

Looking at All North Fork Markets Combined you will note that only declines in the five price categories monitored by TOWN & COUNTRY were the $500,000 – $999,000 category by 22.45% from 49 to 38 from 2015 to 2016 and the $5M and up, where there were no sales vs. last year. The Number of Home Sales rose 8% in this year to year comparison yet the Total Home Sales Volume and Median Home Sales both experienced pullbacks of 3% and 14% respectively.

“The North Fork has established definite traction. I anticipate the 2nd half of 2016 to continue to gain momentum as more and more people discover the richness of North Fork living,” states Judi A. Desiderio.

]]>http://blog.townandcountryhamptons.com/2016/07/29/town-country-north-fork-2nd-quarter-2016-home-sales-report/feed/0TOWN & COUNTRY NORTH FORK MID YEAR 2016 HOME SALES REPORThttp://blog.townandcountryhamptons.com/2016/07/27/town-country-north-fork-mid-year-2016-home-sales-report/
http://blog.townandcountryhamptons.com/2016/07/27/town-country-north-fork-mid-year-2016-home-sales-report/#commentsWed, 27 Jul 2016 19:30:54 +0000Judi Desideriohttp://blog.townandcountryhamptons.com/?p=6903In analyzing the data from the North Fork markets for the first six months of 2016, the positive trends jump right off the page. All four specific North Fork markets experienced increases in the Total Home Sales Volume.

Southold (which includes New Suffolk and Peconic) posted the greatest increase in the Number of Home Sales with a spike of 32% from 53 in the first six months of 2015 to 70 in 2016 same period. The Median Home Sales price was also up 10% and Total Home Sales Volume grew 17%.

Orient (which includes East Marion and Greenport) realized a whopping 43% increase in Total Home Sales Volume from $22.2M to $32M year to year. In fact, the Orient market was totally in the black this report.

Mattituck (which includes Laurel and Cutchogue) saw a slight uptick in homes sales activity as did Jamesport (which includes Aquebogue, Baiting Hollow and South Jamesport).

“The glaring trend is the heightened activity primarily on the eastern end of the beautiful North Fork in the first six months of 2016,” states Judi A. Desiderio.

Looking at All North Fork Markets Combined and you will note healthy growth in the Number of Home Sales (+12%), as well as the Total Home Sales Volume (+15%).

Prediction for the balance of 2016, is a continued ascend for our North Fork markets.

The second three months of 2016 proved challenging for many of the 12 individual markets monitored by TOWN & COUNTRY. All three criteria in the analysis showed significant drops: The Number of Home Sales dropped in eight of the 12 hamlets and the Total Homes Sales Volume and Median Home Sales Price both realized declines in nine of the 12 locales.

Southampton Village and East Hampton Village, two prime crown jewels of Hamptons Real Estate, both suffered significant declines in all three criteria. In fact, East Hampton Village’s drop of 53% in Total Homes Sales Volume ($95M to $45M year to year) was the greatest of all markets, with Southampton Village not far behind dropping 48% from $86M to $45M.

Reviewing last year’s TOWN & COUNTRY’S 2nd Quarter Home Sales Report, you will notice 2015 experienced a similar set of declines when compared to 2014. Hopefully, this is not a trend!

Thankfully, the report was not all doom and gloom. Sag Harbor Area (which includes Noyack and North Haven) posted the highest gains in the Number of Home Sales at a 100% leap from 17 in 2015 to 34 in 2016. Further, the Total Homes Sales Volume rose from $23.5M to $58M.

Sag Harbor Village and Shelter Island both showed strong growth in the Number of Home Sales, Total Homes Sales Volume and Median Home Sales Price. Is there a shift in focus to the quaint boutique markets from the estate sections, or is it a function of price?

The darling hamlet of Amagansett experienced an unexpected pull back in activity with 35% fewer homes trading hands — this certainly is not due to a lack of interest, but rather a price sensitivity with Median Home Sales Prices nearing $2M inclusive of both north and south of the highway.

View All Hamptons Markets Combined and you will see plenty of red. In fact only one of the eight price ranges monitored by TOWN & COUNTRY saw gains — an anemic 5% increase in the Number of Home Sales, $500,000 – $999,000 the most popular price category.

“While the 2nd Quarter Home Sales Report proved what I have said about the $10M and up price categories being hit the hardest, I do anticipate the next three months will see a seasonal uptick on the high end. Though, it is the stock market trajectory that dictates Hamptons high end sales. Just another cycle.” states Judi A. Desiderio, President.

]]>http://blog.townandcountryhamptons.com/2016/07/19/town-country-hamptons-2nd-quarter-2016-home-sales-report/feed/0U.S. HOME SALES STRIKE A 9 YEAR HIGHhttp://blog.townandcountryhamptons.com/2016/06/29/u-s-home-sales-strike-a-9-year-high/
http://blog.townandcountryhamptons.com/2016/06/29/u-s-home-sales-strike-a-9-year-high/#commentsWed, 29 Jun 2016 20:49:40 +0000Judi Desideriohttp://blog.townandcountryhamptons.com/?p=6787Last week the N.A.R., National Association of Realtors, released their report on existing home sales for the month of May. The 1.8% increase to an annual rate of 5.53 million units, was the highest level since February 2007, and sales were up 4.5% from the same period in 2015.

Existing home sales surged 4.1% in the Northeast, 4.6% in the South and 5.4% in the West. The Mid-West was the only natural region to slide… and it fell hard with a loss of 6.5%. Ratios of inventory to demand jumped around this year.

In the Hamptons and North Fork we expect the second quarter report, which will be released mid-July, to be a bit soft. Visit www.TownandCountryHamptons.com/Reports to view all market reports.

Real Estate sales are closely watched by those in the financial world, due to the jobs created with every new home built and the increase in ancillary services whenever a new buyer turns the key to their new home.